Consumer Council, Seals Pact With EFCC, US Agency To Tackle Online Fraud, Others
The Federal Competition and Consumer Protection Commission in a bid to tackle online fraud has entered into a tripartite Memorandum of Understanding with the Economic and Financial Crimes Commission and the United States consumer protection authority, the Federal Trade Commission
The purpose of the MoU is to strengthen cooperation and collaboration in addressing mutual cross-border consumer protection, and fraud related issues.
The Executive Vice Chairman/Chief Executive Officer, FCCPC, Babatunde Irukera signed on behalf of the Commission, while thd
Acting Executive Chairman, EFCC, Mohammed Umar Abba, and Chairman, FTC, Joseph Simons, signed the MoU on behalf of their respective agencies.
The MoU reaffirms the agencies’ willingness to deploy their capacities to work together, share information, and assist one another in relevant investigations.
The pact also establishes a Joint Implementation Committee to develop joint training programmes and provide assistance with regards to specific investigations.
The MoU also affirms the agencies’ continuing support for econsumer.gov; a joint project of similar agencies from 40 countries for reporting international online scams.
Speaking on the agreement, Irukera described the framework as a voluntary cooperation that does not change existing laws in either country.
He said, “This cross-border collaboration is perhaps one of the most vital tools for combating criminal conduct and consumer protection violations which now transcend territories.
“Indeed, criminals and exploiters specifically create arrangements and devices to exploit consumers globally from remote locations in order to escape justice and retribution.
“This framework strengthens our joint abilities and efforts to address this.”
The FCCPC discharges its mandate of protection by both preventive and remedial action including complaint resolution, investigations and enforcement action, while the EFCC investigates and prosecutes financial crimes including frauds perpetrated on consumers.
The FTC is the United States government’s equivalent of the FCCPC with a mandate to regulate competition and enforce consumer protection laws.
Irukera said the MoU is consistent with FCCPC’s mandate and strategy to cooperate with counterpart agencies and other regulators to protect consumers and promote market competition in Nigeria.